Goldman Sachs has updated its price recommendation for Cricut, Inc. (CRCT), raising the target to $3.75 from $3.25 while keeping a sell rating on the shares.

The adjustment was made on May 7, 2026, as reported by Detik Finance.

>>> Judge Approves Saks Global Settlement With Landlord Simon Property Group

The revision comes as the creative technology firm reported a year-over-year revenue decline of less than 2% in the first quarter of 2026.

Q1 2026 Performance Highlights

Cricut's first-quarter revenue reached $159.5 million, marking a 2% drop compared to the same period last year.

Chief Financial Officer Kimball Shill confirmed the figures during the earnings call.

The company generated $20.3 million in net income, representing 12.7% of total revenue for the three-month period.

>>> Holy Pop Exhibition at Somerset House Explores Fandom as Modern Religion

Chief Executive Officer Ashish Arora noted that the company faced sustained performance pressures despite growth in several core operating metrics.

According to Arora, profitability, platform revenue, and global machine sell-out units increased during the quarter. However, these improvements were not enough to reverse the overall downward sales trend.

New Product Launches

Cricut expanded its product ecosystem with the launch of two cutting machines: Joy 2 and Explore 5.

>>> Trisha Paytas to Make UK Debut with Cabaret Show at Royal Albert Hall

The company also introduced a handheld heat press called EasyPress SE and its first direct-to-film service subscription.

These new offerings aim to strengthen Cricut's position in the creative technology market and drive future growth.

Goldman Sachs' decision to raise the price target while maintaining a sell rating reflects cautious optimism about the company's potential.

The sell rating suggests that the investment bank still sees risks outweighing rewards at current levels.

>>> John Williams' Rare Marine Band Concerts to Be Released on CD

Investors will be watching Cricut's next earnings report to see if the new products and operational improvements can translate into revenue growth.